Markets are still obsessed with the Facebook IPO, but the company is finally getting a reprieve as shares rally for the first day since Friday. As news dies down, the street is focusing back on larger components.
Here's what you need to know.
- Ford (F): Citi expected a "well deserved return to investment grade" for Ford's credit, but the upgrade came early, making it a positive surprise. The credit upgrade frees up Ford's balance sheet, provides funding flexibility, and is a vote of confidence in Ford's future performance. The stock has a buy rating and price target of $15.
- Dell Inc. (DELL): Dell has challenging times ahead after missing expectations in the first quarter. They will have difficulty growing, with significant end market exposure and peaking GMs. Underperform rating is maintained, and target price drops to $14.
- Cable and Satellite: DB attended the 2012 Cable Show in Boston this week. Corporates are generally bullish about the industry's future, with products shifting from the discussion and testing phase to full market deployments including mid-sized business services (like metro-e), cloud-based guides, IP-enabled homes, and home security/intelligent homes.
- Nielsen Hldg NV (NLSN): Once fully realized, Online Campaign Ratings (OCR) could be a catalyst for the stock. It could be a $1 billion plus business in time. The target remains $35 but the bull case estimate is raised to $42 to account for the potential upside.
- SAP AG (SAP): UBS thinks Ariba looks like a great fit, it has the largest business network for bringing buyers and sellers together, and its transactions touch an estimated 63 percent of all trade — potential is very clear. A counter bid by Oracle is not expected.
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